2014 News Archive
December 31, 2014
Sales Tax Revenue Surge Creates Need for Greater Practitioner ExpertiseState regulators are now collecting nearly $400 billion in sales tax as compared to 2003 when they collected just over $250 billion. This growing trend is a consequence of complex regulations, and new business models and technologies, according...
December 30, 2014
SEC Moves to Facilitate XBRL AnalysisThe Securities and Exchange Commission has launched a pilot program aimed at simplifying investor analysis and comparisons of public company financial statement data using Extensible Business Reporting Language, or XBRL, and other types of data....
December 29, 2014
1 in 5 Firms Expects Double Digit Growth in 2015In a recent poll, just over one in every five CPA firms (22%) indicated that they expect revenue growth of more than 10 percent in the new year. Firms with revenues under $200,000 are even more optimistic, with 24.1% expecting double-digit...
December 24, 2014
IRS Releases New Publication Explaining ObamacareThe Internal Revenue Service has issued a new publication to help taxpayers better understand how the Affordable Care Act affects their taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on...
December 23, 2014
SEC Nudges Companies on Cash FlowsThe Securities and Exchange Commission is calling on companies to tighten accounting procedures and controls pertaining to statement of cash flows, amid a steady rise in restatements associated with that rather nettlesome financial document. Kirk...
December 23, 2014
FASB Issues Accounting Alternative for Private Companies on Intangible Assets in Business CombinationsThe Financial Accounting Standards Board (FASB) today issued guidance intended to improve private company financial reporting regarding accounting for identifiable intangible assets in a business combination. FASB Accounting Standards Update No....
December 18, 2014
2015 GAAP Financial Reporting Taxonomy Now AvailableThe Financial Accounting Standards Board ( FASB ) announced the availability of the 2015 GAAP Financial Reporting Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and Exchange Commission ( SEC ). Read more at FASB.org .
December 18, 2014
Accountants Targeted in Wave of Wire Transfer ScamsIn the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms...
December 17, 2014
New law creates tax favored savings accounts for disabled taxpayersAs part of the larger tax extender legislation passed on Tuesday, Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014 (H.R. 647), which will allow disabled individuals to save money to pay for their disability expenses in...
December 17, 2014
Congress Requires Self Preparers and Consumer Tax Software to Check for Improper Tax CreditsThe $1.1 trillion spending bill passed by Congress this week and signed into law by President Obama on Tuesday contains a provision directing the Treasury Department to implement uniform standards for taxpayers claiming refundable credits such as...